PARIS & NEW YORK–(BUSINESS WIRE)–Lemonade, the insurance coverage firm powered by synthetic intelligence and behavioral economics, launched in one other European market at this time. Residents of France can now get renters insurance coverage immediately, anytime, and from any gadget – in addition to file claims and receives a commission in seconds by the Lemonade app.
Right this moment’s launch marks the third EU nation Lemonade has entered, following the Netherlands’ launch earlier this 12 months, and Germany in June 2019.
In contrast to the standard insurance coverage mannequin, Lemonade retains a flat payment for its operations, and offers unused remaining cash to nonprofits, as a part of its annual Giveback. The corporate launched its householders and renters insurance coverage in New York in late 2016, and has been one of many quickest rising insurance coverage firms ever since. The corporate went public on July 2, 2020, and is listed on the New York Inventory Alternate beneath the ticker LMND.
Shoppers price Lemonade #1 for its insurance coverage merchandise throughout a number of platforms, citing the hassle-free digital expertise with lightning-fast declare funds, best-in-class customer support, and an unconflicted enterprise mannequin.
“Residence insurance coverage is usually legally required in France, which makes it a compelling alternative for Lemonade’s subsequent European nation launch,” mentioned Daniel Schreiber, Lemonade CEO and co-founder. “Whereas the French insurance coverage market is likely one of the most developed globally, we consider that Lemonade’s distinctive mixture of worth, values, and expertise will stand out to the French shopper, providing the flexibility to get quick, customized, and mission-driven insurance coverage, with just a few faucets.”
The Lemonade product in France is crafted particularly with the French buyer in thoughts, however will even embody what’s liked by Lemonade’s customers elsewhere: a easy and pleasant expertise powered by synthetic intelligence, prompt claims, and the flexibility to assist native and world charities by the corporate’s annual Giveback. Moreover, and just like the German and Dutch merchandise, the French product has the additional benefit of being primarily based on the corporate’s Policy 2.0, a brand new type of insurance coverage coverage made for the twenty first century.
Coverage 2.0, at present out there in France, the Netherlands and Germany, is a brief, easy-to-understand, and clear doc designed for odd individuals (and never just for attorneys) – a consumer-friendly departure from the dense and dated insurance policies that dominate the market.
Lemonade’s renters coverage, which may be stopped and began at any time by the app, will begin at simply 4 € a month, and embody options that present extra intensive protection than the standard business normal coverage. For instance, Lemonade’s coverage will provide an elective protection to cowl towards theft each in and out of doors of your property, worldwide – so if a buyer’s locked bike is stolen from the road, the shopper may declare the bike’s full alternative worth in minutes from the consolation of the Lemonade app.
Lemonade is licensed and supervised by the Dutch Central Financial institution (DNB), and has its European headquarters in Amsterdam.
To entry the media equipment, together with visible property, please click on here.
Lemonade affords renters, householders, and pet medical insurance in america, contents and legal responsibility insurance coverage in Germany and the Netherlands, and renters insurance coverage in France, by its full-stack insurance coverage carriers. Powered by synthetic intelligence and behavioral economics, Lemonade got down to substitute brokers and forms with bots and machine studying, aiming for zero paperwork and prompt every part. A Licensed B-Corp, Lemonade provides unused premiums to nonprofits chosen by its neighborhood, throughout its annual Giveback.
Lemonade is at present out there for many of the United States, Germany, the Netherlands and France and continues to broaden globally.
Keep in contact at @lemonade_inc or email@example.com
This press launch comprises forward-looking statements inside the which means of the Personal Securities Litigation Reform Act of 1995. All statements contained on this press launch that don’t relate to issues of historic truth needs to be thought of forward-looking statements, together with statements relating to the success of our product launch in France. These statements are neither guarantees nor ensures, however contain identified and unknown dangers, uncertainties and different necessary elements which will trigger our precise outcomes, efficiency or achievements to be materially totally different from any future outcomes, efficiency or achievements expressed or implied by the forward-looking statements, together with, however not restricted to, the next: our historical past of losses and the truth that we might not obtain or preserve profitability sooner or later; our potential to retain and broaden our buyer base; the truth that the “Lemonade” model might not turn into as broadly often called incumbents’ manufacturers or the model might turn into tarnished; the denial of claims or our failure to precisely and well timed pay claims; our potential to realize higher worth from every person; the novelty of our enterprise mannequin and its unpredictable efficacy and susceptibility to unintended penalties; the likelihood that we might be pressured to change or remove our Giveback, which may undermine our enterprise mannequin; the outcomes of examinations by our major state insurance coverage regulator that might end in opposed examinations findings and necessitate remedial actions or give rise to regulatory orders requiring remedial, injunctive, or different corrective motion; our restricted working historical past; our potential to handle our progress successfully; the affect of intense competitors within the segments of the insurance coverage business through which we function on our potential to realize or improve profitability; the unavailability of reinsurance at present ranges and costs, which may restrict our potential to put in writing new enterprise; our potential to resume reinsurance contracts on comparable length and phrases to these at present in impact; our publicity to counterparty dangers because of reinsurance; the lack of private buyer data, harm to our fame and model, or hurt to our enterprise and working outcomes because of safety incidents or actual or perceived errors, failures or bugs in our programs, web site or app; our precise or perceived failure to guard buyer data and different knowledge, respect prospects’ privateness, or adjust to knowledge privateness and safety legal guidelines and rules; our potential to adjust to intensive insurance coverage business rules and the necessity to incur further prices or commit further assets to adjust to adjustments to current rules; our publicity to further regulatory necessities particular to different vertical markets that we enter or have entered, together with auto, pet and life insurance coverage, and the necessity to commit further assets to adjust to these rules; and our incapability to foretell the lasting impacts of COVID-19 to our enterprise particularly, and the worldwide financial system usually. These and different necessary elements are mentioned beneath the caption “Danger Elements” in our Quarterly Report on Type 10-Q for the interval ended September 30, 2020 and our different filings with the Securities and Alternate Fee may trigger precise outcomes to vary materially from these indicated by the forward-looking statements made on this press launch. Any such forward-looking statements symbolize administration’s beliefs as of the date of this press launch. Whereas we might elect to replace such forward-looking statements sooner or later sooner or later, we disclaim any obligation to take action, even when subsequent occasions trigger our views to alter.